7th CPC Orders

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One Rank One Pension Scheme for Banking Industry

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One Rank One Pension scheme for banking industry

Pension in Nationalized Banks is based on Bipartite Settlement between Unions/Associations and Indian Banks’ Association (IBA) representing managements of Banks. IBA has informed that there have been demands from Pensioners’ Associations regarding pension updation.

At present, no such proposal is under consideration of Government.

IBA has informed that pension in Nationalized Banks is paid to the retirees’ from the pension fund of bank concerned and improvement in pension directly affects the profitability of the banks.

The abvoe information given by the Minister of State in the Ministry of Finance Shri Santosh Kumar Gangwar in a written reply to a question in Rajya Sabha on 08.08.2017.

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